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How to Share Assessment Of Condition Of Rental Property

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have you ever wondered how to analyze a rental property to tell this a good deal or if its not a good deal well in this video Im gonna let you look over my shoulder as I share the approach and the formulas I use to analyze a rental property and I promise you is gonna be so simple you can do it on the back of a napkin an envelope or whatever scrap of paper you might have in fact thats what Im gonna do Im gonna draw on a piece of paper and show you what I mean I mean no fancy calculators or spreadsheets in this video and were getting started right now hi Im Chad Carson from coach Carson comm Im also the author of retire early with real estate a best-selling book published by bigger pocket if youre new here this is a channel all about investing in real estate so you can achieve financial independence and do more of what matters be sure to hit the subscribe button in the bell so you dont miss anything now Im gonna pull out a piece of paper and a pen and show you my back of the

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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How do I write a letter of consideration for a rental property?

What to Include in a Rental Cover Letter Summarize Your Employment History. A landlord is far more likely to rent to someone with steady employment they need the tenant to be able to pay rent every month. Share Your Hobbies. Discuss Your Thoughts on What Makes a Good Neighbor. Explain Why You Want To Live in This House.

How do you assess the rental value of a property?

Also known as GRM, the gross rent multiplier approach is one of the simplest ways to determine the fair market value of a property. To calculate GRM, simply divide the current property market value or purchase price by the gross annual rental income: Gross Rent Multiplier = Property Price or Value / Gross Rental Income.

How often should a landlord replace carpets?

A good quality carpet in rental property should last for about 10 years with normal wear and tear. When a carpet wears out and it has not been damaged by the tenant, the landlord is usually responsible for replacing it.

What is the life expectancy of carpet in a rental property?

Under California landlord-tenant guidelines, a carpets useful life is eight to 10 years. Then the cost of replacing the carpeting would have to be prorated over a 10-year period. The cost of replacing the carpet after 10 years is the responsibility of the landlord.

How often do landlords have to replace carpet in Michigan?

Generally speaking, most courts will set the carpets life span at 10 years; so, the carpet would have to be depreciated by the number of years it has been in service to determine charges.

What is considered normal wear and tear on a rental property in Michigan?

Normal wear and tear in Michigan is defined as deterioration that occurs from the intended use of the rental unit and without negligence, carelessness, accident, misuse, or abuse of the premises or contents by the tenant, members of the household of the tenant, or the invitees or guests of the tenant.

Can I sue my landlord for emotional distress in Michigan?

Yes. Under Michigan law, an tenant or rental injured due to the negligence or fault of a landlord or property manager can sue for the emotional distress they caused. This is also known as a pain and suffering or a negligence lawsuit.

How often do landlords have to replace carpet Michigan?

Generally speaking, most courts will set the carpets life span at 10 years; so, the carpet would have to be depreciated by the number of years it has been in service to determine charges.

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